Workday (NASDAQ:WDAY) Given New $330.00 Price Target at Canaccord Genuity Group

Workday (NASDAQ:WDAY) had its target price boosted by Canaccord Genuity Group from $300.00 to $330.00 in a research report report published on Wednesday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the software maker’s stock.

A number of other research analysts have also weighed in on WDAY. Needham & Company LLC reaffirmed a “buy” rating and issued a $300.00 price target on shares of Workday in a research note on Wednesday. Guggenheim reaffirmed a “neutral” rating on shares of Workday in a research note on Wednesday. BNP Paribas raised shares of Workday to a “strong-buy” rating in a research note on Friday, February 14th. Stifel Nicolaus raised their target price on shares of Workday from $270.00 to $310.00 and gave the stock a “hold” rating in a research note on Wednesday. Finally, Deutsche Bank Aktiengesellschaft raised shares of Workday from a “hold” rating to a “buy” rating and lifted their price target for the company from $265.00 to $300.00 in a research report on Wednesday, January 8th. Ten equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $301.11.

Workday Price Performance

NASDAQ:WDAY opened at $271.09 on Wednesday. Workday has a 52 week low of $199.81 and a 52 week high of $298.50. The company has a quick ratio of 2.05, a current ratio of 2.05 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $72.11 billion, a PE ratio of 44.96, a price-to-earnings-growth ratio of 3.55 and a beta of 1.35. The stock’s 50-day moving average price is $260.01 and its 200-day moving average price is $254.24.

Workday (NASDAQ:WDAY) last issued its quarterly earnings results on Tuesday, February 25th. The software maker reported $0.48 earnings per share for the quarter, missing analysts’ consensus estimates of $1.75 by ($1.27). The company had revenue of $2.21 billion during the quarter, compared to analysts’ expectations of $2.18 billion. Workday had a net margin of 19.86% and a return on equity of 6.13%. As a group, equities analysts expect that Workday will post 2.63 EPS for the current fiscal year.

Insider Transactions at Workday

In other news, insider Sayan Chakraborty sold 5,498 shares of the business’s stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $250.78, for a total transaction of $1,378,788.44. Following the transaction, the insider now directly owns 121,100 shares in the company, valued at $30,369,458. The trade was a 4.34 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Wayne A.I. Frederick sold 1,829 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $253.09, for a total transaction of $462,901.61. Following the transaction, the director now owns 6,845 shares in the company, valued at approximately $1,732,401.05. This trade represents a 21.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 438,819 shares of company stock worth $113,142,592 over the last ninety days. 20.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Hennion & Walsh Asset Management Inc. grew its position in Workday by 28.4% during the third quarter. Hennion & Walsh Asset Management Inc. now owns 1,479 shares of the software maker’s stock worth $361,000 after buying an additional 327 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in Workday by 1,265.6% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 44,081 shares of the software maker’s stock worth $10,774,000 after buying an additional 40,853 shares during the period. Pallas Capital Advisors LLC grew its position in Workday by 20.8% during the third quarter. Pallas Capital Advisors LLC now owns 4,560 shares of the software maker’s stock worth $1,080,000 after buying an additional 786 shares during the period. abrdn plc grew its position in Workday by 16.3% during the third quarter. abrdn plc now owns 279,856 shares of the software maker’s stock worth $68,400,000 after buying an additional 39,289 shares during the period. Finally, Fortitude Family Office LLC grew its position in Workday by 713.6% during the third quarter. Fortitude Family Office LLC now owns 179 shares of the software maker’s stock worth $44,000 after buying an additional 157 shares during the period. 89.81% of the stock is currently owned by institutional investors and hedge funds.

Workday Company Profile

Workday, Inc provides enterprise cloud applications in the United States and internationally. Its applications help its customers to plan, execute, analyze, and extend to other applications and environments to manage their business and operations. The company offers a suite of financial management applications to maintain accounting information in the general ledger; manage financial processes, such as payables and receivables; identify real-time financial, operational, and management insights; enhance financial consolidation; reduce time-to-close; promote internal control and auditability; and achieve consistency across finance operations.